Why do you think a deal is coming? If they announced a deal anytime soon lawsuits would be raining from the clouds for a breach of fiduciary responsibility with this offering prior to announcing the deal. There is no way a deal to is around the corner.
What is more plausible is since there is no deal and they believed the proxy was going to be voted down for additional shares. Lombo and crew decided to do the offering @10 million shares x 2 bucks before the stock dropped to a buck after proxy denied. This allows them to keep the lights on through EMA decision which is looking to be that hail Mary - after all..
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